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? Leased fee 出租人權(quán)益? Leasehold 承租人權(quán)益? Fee simple 完全產(chǎn)權(quán)權(quán)益2 3 4 5 6 7 8 910 10 11Market rent 市場租金Contract rent 合同租金PV初始投資額 (現(xiàn)值 )Reversion 期末轉(zhuǎn)售價值? Discount rate for Contract rent 合同租金的折現(xiàn)率? Discount rate for Market rent 市場租金的折現(xiàn)率? Discount rate for Reversion 轉(zhuǎn)售價值的折現(xiàn)率20繼續(xù)教育2023MessickBowes如何確定折現(xiàn)率 (租戶組合和租戶的信譽 )(1).KORPAZC(2). 市場提取法21繼續(xù)教育2023MessickBowes五 . 購物中心的估價 如何為 REITs服務? Appraisals? Marketability study? Market Analysis22繼續(xù)教育2023MessickBowesHow appraisers/consultants can work with REITs and pension funds? Acquisition staff of REITs/pension funds usually have MBA or legal background? REITs/pension funds sometimes obtain MAI appraisals, but are not legally required to obtain appraisals? Valuation based primarily on ine approach to value– Discounted Cash Flow Analysis using Excel or leasebylease analysis software, such as ARGUS23繼續(xù)教育2023MessickBowesValuation ProcessIdentifyclient andintendedusersIdentify the intended useIdentify the purpose ofthe assignmentEffectivedate of theopinion Identify the relevantcharacteristicsof the property Assignment conditions ExtraordinaryAssumptions HypotheticalConditions Definition of the ProblemSTEP 1Scope of WorkSTEP 224繼續(xù)教育2023MessickBowesValuation ProcessMarket Area DataSubject Property DataComparable Property Data Data Collection and Property DescriptionSTEP 3Market Analysis Highest and Best Use Analysis Data AnalysisSTEP 425繼續(xù)教育2023MessickBowesValuation ProcessR